GST Returns 2025: File GSTR-1, 3B, 2B | QRMP & ITC

Some of the Advantages are:  Common tax rates for all Boost to "Make in India" Initiative Will Eradicate Corruption Will Reduce Tax Evasion Easy and Comfort Return Fillings Relief to Small taxpayers Benefits of Consumption and QRMP scheme Manual work of Returns are Completely vanished Tax Payment made easy Removed Double taxation No Chances of Fault in Return fillings and Tax payments After Introducing GSTR 2B No chances of Claiming Wrong ITC or Wastage of any eligible ITC Greater Certainty Reduced and Uniform Tax rates No GST on essential and daily used goods Transactions can be tracked from origin to consumption Destination based Taxation Some of the Disadvantages are: Those who are not equipped with Online facilities they will face trouble at the beginning. Those who are not equipped with the use of softwares they will face trouble at the beginning. We have to pay tax to Central and State Govt both seperately. Multiple Tax rates. Multiple state registration Like you have t...

In respect of second hand goods, a person dealing in such goods may be allowed to pay tax on the margin i.e. the difference between the value at which the goods are supplied and the price at which the goods are purchased, and this is the margin on which GST is to be paid to avoid double taxation. if there is no margin, no GST is charged for such supply. The amount received by you under margin scheme is the amount of sales and therefore you will have to show the turnover like any other turnover is shown in GSTR 1/ 4 and in GSTR 3B. And for Audit you will have to see that you fall under the category of regular taxpayer or composite taxpayer or under QRMP scheme. If you fall under regular taxpayer then only you will be eligible for GST Audit. How to Value Second hand Goods As per Rule 32(5) of CGST Rules, 2017 any person dealing in buying & selling of second hand gods i.e. used Goods as such or after some minor processing which does not change the nature of the goods and where no Inpu...

  QRMP scheme means Quarterly Return Monthly Payment scheme which is an optional scheme and the name itself says that under this scheme you have to make payment of tax monthly but details of tax Return can be filled quarterly. Any taxpayer whose turnover does not exceeds or is upto  ₹ 5 crore has to file their GSTR 1/4 and GSTR 3B on quarterly basis with effect from 01.01.2021. Monthly payments under QRMP scheme are to be done in FORM GST PMT - 06 by every 25th of the succeding month. Now let us get to know QRMP scheme more in detail. In case the aggregate turnover exceeds 5 crore rupees during any quarter in the current financial year i.e. F.Y. 2020-21, the registered person shall not be eligible for the Scheme from the next quarter. As per Rule 61A of the CGST Rules, 2017 A registered person can opt in for any quarter from first day of second month of preceding quarter to the last day of the first month of the quarter. ( In Hindi, kisi b registered person ko QRMP apply ka...

 As we all know that GST was conceptualized by the Atal Bihari Vajpayee Government in 2000 and the implementation of GST in India on 1st JULY 2017 was a historical move, as it marked a significant indirect tax reform in the country. Overall if you will see then the earlier taxation and GST regime is almost same and A lot of similarities are there, the thing is that only the ways and procedure has changed. Concept of taxation is same in both systems only the procedure and method has been modified. Major similarities that comes to my mind are: Online filling of tax returns. E- Way Bill Needed for invoice greater than 50000. Cascading effect - ITC available to be claimed. Method of calculating Tax. Distribution of tax is same as we pay CGST as central tax and SGST as state tax and IGST as interstate tax, earlier it was VAT, ET, & CST.  Percentage based rates of tax. Tax on export of Goods & Services was excluded earlier also and it is excluded in GST also. Overall if you ...